US News

Pfizer in talks of $5 billion acquisition: media – AFR

American drugmaker Pfizer is close to a deal to buy Global Blood Therapeutics, which makes a recently approved drug for sickle cell disease, for $5 billion, The Wall Street Journal reported.

Pfizer, one of the leading makers of Covid-19 vaccines, hopes to finalize talks with GBT within days, the newspaper said on Friday, citing people close to the negotiations.

But it was said that other takeover candidates were still in the running.

GBT’s sickle cell treatment, marketed as Oxbryta, was approved for people over the age of 12 in 2019, but gained federal approval for children ages four to 11 in December. The blood disease affects millions.

The sale of Oxbryta helped the lab post first-quarter revenue of $55 million (up 41 percent) while the company posted a net loss of $81.4 million.

Based in San Francisco, California, GBT will release its second-quarter results on Monday.

For its part, Pfizer saw sales jump 47 percent in the second quarter – to a record $27.74 billion – boosted by sales of its Covid vaccine and pills.

Net income increased 78 percent to $9.9 billion.

GBT shares on the New York Stock Exchange rose 33.03 percent on Friday to $63.84, giving it a market cap of more than $4 billion.

Pfizer shares fell 1.18 percent to $49.27.

#Pfizer #talks #billion #acquisition #media

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